Ascott hits 20,000-unit mark in China with nine new signings

George Sell By George Sell
04 January 2018 | Updated 04 January 2018

China: The Ascott Limited has exceeded its target of 20,000 units for China, with the signing of nine properties totalling more than 2,000 units.

The company recorded a record year of growth in China in 2017, as it added more than 5,600 units across 28 properties, double the figure for 2016. Ascott now has a portfolio of more than 110 properties across 31 cities in China, reaching its 2020 target of 20,000 units in 2017.

The new properties are Somerset Gubei Shanghai (285 units, opening 2018); Ascott Raffles City Chongqing (201 units, opening 2019); Tujia Somerset City Hub Zhuhai Serviced Residence (200 units, opening 2019); Ascott Jing'an Shanghai (464 units opening 2020); Citadines Baoyu Riverview Harbin (190 units, opening 2020); Ascott Zumiao Foshan (150 units, opening 2021); Ascott Gaoxin Wuxi and Gaoxin Serviced Residence Wuxi (184 units, opening 2021); and Ascott Hengqin Zhuhai (250 units, opening 2023).

Kevin Goh, newly appointed Aascott CEO, said: "With these nine new management contracts secured in China, Ascott has exceeded our target of 20,000 units for our biggest market China three years ahead of schedule. 2017 was our strongest year as Ascott's global portfolio crossed 72,000 units, adding a record high of about 24,000 units within the year. We are confident of achieving our global target of 80,000 units in 2018, well ahead of 2020 as we press ahead with our aggressive expansion plans via strategic alliances, management contracts, franchises and investments."

"As we scaled up, we also opened 18 properties with close to 3,800 units last year in China, India, Indonesia, Japan, Korea, Philippines, Thailand, Vietnam, the U.S., and this includes our first properties in Cambodia and Turkey. Ascott's commitment towards delivering consistent high-quality accommodation options and services was recognised with over 130 accolades in 2017, the largest number of awards garnered in a year. We expect our strong growth momentum to continue in 2018, and will continue to seek innovative ways to improve our operations and enhance customer experience," he added.

Tan Tze Shang, Ascott's managing director for China, said: "Ascott has been fast expanding in China, and the achievement of our 20,000-unit target is testament of our partners' confidence in Ascott's strong brand reputation and management excellence. In 2017, we made our foray into Handan, Xuzhou, Yichang, Kunming, and now Harbin and Zhuhai. Harbin is a key political, economic and technological centre of Northeast China while our entry into Zhuhai will entrench Ascott's business in South China, specifically the economic zone of the Pearl River Delta, one of the fastest growing regions in China that is earmarked for further development into a world-class metropolis1. We also deepened our presence in existing cities to leverage greater economies of scale. This includes our latest ones in Chongqing, Foshan, Shanghai and Wuxi."

Tan added: "To cater to the growing group of millennials and digital natives in China, we will be opening Ascott's first lyf property in Shenzhen this year. lyf Wu Tong Island Shenzhen is designed to meet the demand for coliving spaces. We have also introduced technological initiatives across our properties in China to boost operational efficiency and enhance customer experience. For instance, the service robots in Ascott Raffles City Beijing and Ascott IFC Guangzhou can perform a suite of tasks such as leading guests to their rooms or facilities in the property, providing concierge services, refilling room supplies, and delivering packages. Other new initiatives include the use of WeChat or smartphone apps to allow guests to request invoices, and staff to issue e-invoices instantly as well as enable digital check-ins. We will roll out more initiatives to strengthen Ascott's position as a leading serviced residence operator in China."

Be in the know.

Subscribe to our newsletter »

Our Events

Thank you sponsors

Subscribe to our Newsletter »